Maui Land & Pineapple loses $1.6 million

Maui Land & Pineapple Co. reported Wednesday a $1.6 million third-quarter loss that matched its results from the year-earlier period.

The Lahaina-based company said revenue fell 21.8 percent to $2.8 million from $3.6 million. Revenue from commissions rose 129percent to $206,000 but leasing revenue fell 6.9 percent to $1.3 million, utilities revenue also declined 6.9 percent to $1 million, and resort amenities and other segments declined 70.7 percent to $303,000.

MLP’s loss per share was 8 cents last quarter compared with a loss of 9 cents per share in the year-earlier period.

The company’s stock slipped 3 cents to $4.26 Wednesday on the New York Stock Exchange. The financial results were released after the market closed.

Blockbuster to close remaining U.S. stores

Blockbuster LLC, the video rental company owned by Dish Network Corp., will close its remaining 300 U.S. stores by early January, including its two remaining Hawaii outlets.

The decision ends an era for a chain that was once a ubiquitous part of American shopping centers and home entertainment. Blockbuster also will discontinue its DVD-by-mail service by mid-December, Englewood, Colo.-based Dish said Wednesday in a statement. Each Blockbuster store has eight to 10 employees, so the move is expected to cost about 2,800 jobs. The two remaining stores in Hawaii are in Ewa Beach and in Kihei on Maui.

Isle refinery worth one-third of Tesoro profit

The operations and sale of Tesoro Corp.’s Hawaii refinery in September accounted for $35 million, or more than one-third, of its net income in the third quarter, the company reported Wednesday. San Antonio-based Tesoro on Sept. 25 completed the sale of its Hawaii assets to Hawaii Pacific Energy LLC, a wholly owned subsidiary of Par Petroleum Corp. The sales price was $539 million, Tesoro said.

Tesoro earned $99 million, or 72 cents a share in the July-through-September period, down from $273 million, or $1.92 a share in the third quarter of 2012.

Kauai solar facility groundbreaking held

A blessing and groundbreaking were held Wednesday for a $40 million utility-owned solar facility in Kauai that is expected to provide about 5 percent of the island’s electricity needs when completed next year.

The 12-megawatt facility being built on 67 acres of former sugar cane land leased from Grove Farm Co. near Koloa will be the state’s largest PV system when it is finished, according to Kauai Island Utility Cooperative.

The net cost of electricity generated by the array will be between 10 cents and 13.5 cents a kilowatt hour, below the present cost of generating electricity from oil, which is about 23 cents per kilowatt hour, according to KIUC.

Honolulu home prices the third-costliest

With a median home price of $679,800, Honolulu is the third-most expensive housing market in the U.S. behind San Jose, Calif., and San Francisco, according to the National Association of Realtors. Median prices are $805,000 in San Jose and $705,000 in San Francisco.

Ford dealership hosts hospital fundraiser

Honolulu Ford Lincoln is staging a “Kars for Kids” fundraiser through November on behalf of Kapi‘olani Medical Center for Women & Children and its drive to renovate the hospital.

Those who visit the dealership at 1370 N. King St. and mention the fundraiser will be eligible to win a trip to Las Vegas. Entry forms also are available at the dealership. 

Hospital management and Tucker the Therapy Dog will be at the dealership from 2 to 9 p.m. Nov. 20 for a special sales event that will see profits from all new vehicle sales that day donated to the construction of new neonatal and pediatric intensive care facilities. 

ON THE MOVE

The University of Hawaii Foundation has named Paul Y. Kobayashi Jr. vice president for administration/chief financial officer. He has experience in corporate enterprise and higher education, including serving as executive assistant to the vice president of budget and finance and chief financial officer for UH.

Servco Pacific has named Theresa Spottswood as vice president and director of internal audit and risk management. She was previously an internal audit director for Hawaiian Electric Industries. 

Coldwell Banker Pacific Properties has announced Ruby Gagarin as a Realtor associate for the firm’s Kahala office. She was previously a Realtor associate at Casey & Associates.